Arctic microalgae thrive and support primary production in extremely cold environment. Three Arctic green microalgal strains collected from freshwater near Dasan Station in Ny-Alesund, Svalbard, Arctic, were analyzed to evaluate the optimal growth conditions and contents of fatty acids. The optimal growth temperature for KNF0022, KNF0024, and KNF0032 was between 4 and 8℃. Among the three microalgal strains, KNF0032 showed the maximal cell number of 1.6 × 107 cells mL-1 at 4℃. The contents of fatty acids in microalgae biomass of KNF0022, KNF0024, and KNF0032 cultured for 75 days were 37.34, 73.25, and 144.35 mg g-1 dry cell weight, respectively. The common fatty acid methyl esters (FAMEs) analyzed from Arctic green microalgae consisted of palmitic acid methyl ester (C16:0), 5,8,11-heptadecatrienoic acid methyl ester (C17:3), oleic acid methyl ester (C18:1), linoleic acid methyl ester (C18:2), and α-linolenic acid methyl ester (C18:3). KNF0022 had high levels of heptadecanoic acid methyl ester (26.58%) and heptadecatrienoic acid methyl ester (22.17% of the total FAMEs). In KNF0024 and KNF0032, more than 72.09% of the total FAMEs consisted of mono- and polyunsaturated fatty acids. Oleic acid methyl ester from KNF0032 was detected at a high level of 20.13% of the FAMEs. Arctic freshwater microalgae are able to increase the levels of polyunsaturated fatty acids under a wide range of growth temperatures and can also be used to produce valuable industrial materials.